2022 was interesting year, from widely disproportionate events, such as the great resignation, to the boom, bust, and mistrust of FTX - more than likely we’ve picked up a few scrapes and bumps along the way. Nonetheless, the adage from Nietzsche (and Kelly Clarkson) rings true through times of turbulence – “What doesn’t kill you, makes you stronger.” Interestingly, as if shared collective experiences weren’t enough, science sides with Nietzsche. As conducted at Northwestern University’s Kellogg School of Management, the adage was verified by studies researching the relationship between failures prompting future success.
Business Trends in 2022: The most prominent trend and carryover from 2021 is the entrenchment of remote work in 2022 which has shifted work preferences for the foreseeable future. Employees enjoyed the leisure of maintaining a work-life balance while employers debated the measures of productivity.
Next, another trend seen in 2022 was the continued growth of the gig economy. The gig economy refers to the increasing number of people working temporary or flexible jobs rather than traditional full-time employment. This trend is expected to accelerate as apps such as Doordash, PostMates, and Uber continuously add incentives to encourage gig economy worker participation. Platforms such as Fiverr (a marketplace for freelancers to accept outsourced work) also grew in popularity, as many enhanced their various technical skills over the pandemic.
In terms of customer preferences, customers are seeking different payment options. The pandemic forced customers to expose themselves to various payment options. Businesses have implemented and moved toward alternative payment options, such as mobile pay applications, contactless credit, and cryptocurrency along with digital layaway adoption across a broad range of retail categories. Larger and small business owners alike should be prepared for the demand to increase in application(s), cryptocurrencies, mobile wallets, digital [1-click] and wearable devices.
Despite the less-than-stellar initial roadshow of the metaverse, it's here to stay. The metaverse is a new virtual world (mainly accessed defined by wearing a V.R. headset), and it will provide access to all kinds of entertainment and projects, including the opportunity to work onsite and remote. The metaverse ecosystem grew in 2022 and is continually backed by the always aspirational, Mark Zuckerburg. Expect it to impact the future of many tech verticals directly and business in general.
Enterprises and businesses can expect the metaverse to shape their operations in three ways:
Building new modes of customer and business relations
Ushering in new currencies and transaction types, such as cryptocurrencies and NFTs
Streamlining remote employee communications
What’s Ahead in 2023: In 2023, we see the continuation of innovations and developments in transformative technologies such as artificial intelligence (A.I.), the internet of things (IoT), virtual and augmented reality (VR/AR), cloud computing, blockchain, and super-fast network protocols like 5G. What’s more, these transformational digital technologies do not exist in isolation from each other, and we will see the boundaries between them blurring. New solutions for augmented working, hybrid and remote working, business decision-making, and automation of manual, routine, and creative workloads combine these technologies in ways that enable them to enhance each other. This brings us closer than ever to the point where we can create “intelligent enterprises” where systems and processes support each other to complete menial and mundane tasks in the most efficient way possible.
Customer acquisition and attention are constantly developing due to the aforementioned details. Omnichannel outreach tactics will continue to dominate the customer acquisition landscape. Companies looking to gain influence on customers will expand to text messaging, personalized emails, and social media to prove their relevance and market need amongst competitors.
Artificial intelligence emerges as a valuable advertising tool, as resources like ChatGPT create personalized prompts for humans to take advantage of its natural learning module ability. Pop-up digital marketing businesses are cropping up, with many eager entrepreneurs utilizing A.I. prompt capabilities to draft up creative solutions (copywriting, simple coding structures, etc) to various business needs.
Book of the Month: The Great Tech Game: How Technology Is Shaping Geopolitics and the Destiny of Nations by Anirudh Suri. In The Great Tech Game, Suri provides a coherent framework outlining the key drivers that will determine the ability of a nation to succeed in this technology-dominant era. He lays out a roadmap for how any country must develop its strategic plan for success. This an exciting read for those interested in the dynamism between technology and geopolitics and their effects on international relations between countries.
Podcast Pairs: Will integrating positive, constructive daydreaming into your daily routine boost your creativity? Does doodling improve memory by 29%? Listen below and find out.
Chamath Palihapitiya, Founder of Social Capital and ex-Facebook V.P. for user growth, discusses his takes on the topics below with Lex Friedman, an A.I. researcher at MIT.
Notable 2022 Mentions: Here are a few instances of proof that 2022 was a tremendous year for the advancement of our society, which might have slipped your radar.
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